If you feel like your home simply does not give you the room you need to get around, an addition might be the right choice. Since physically extending the size of your home tends to be one of the more expensive home improvement projects, you should probably begin with a discussion of the cost. A home addition is a big investment that can really change the way you use (and see) your home. Take a look at these cost considerations and a few other factors to help you decide.
Home Addition Estimates
When you are starting to think about home improvements, you will usually start with a budget for the project. That is why cost estimates that are reasonably accurate to the project you have in mind are so important. These prices come from actual projects in the Phoenix area, with specific details included to help you determine how yours fits in to the whole. By looking at figures from the 2020 Cost vs. Value Report, as well as information from sites like Houzz and HomeAdvisor, you can set a preliminary budget for your project. Click here for more information on home additions in Phoenix.
Midrange vs. Upscale
As you look at cost estimates for a home addition or remodeling project, you will often see references to terms like “midrange” or “upscale.” It is important to understand what they mean because they tie directly into the design of the room, as well as its cost. In the case of a home addition, the difference usually relates to the total square footage. For example, a midrange bathroom addition measures about 50 square feet for the interior space. By comparison, an upscale bathroom addition is more than double the size. A midrange master suite addition is almost 400 square feet, which is spacious but much less grand than an upscale master suite addition’s range of 650 square feet.
Master Suite Addition
For about $250,000 to $275,000, you can get a large, comfortable master suite with all the extras. This is a significant addition, which means it is ideal for a second-floor addition or for a lot with tons of extra space to expand the main floor’s footprint. Here, you can enjoy plenty of room to rest but also relax, with space for a large bed and a sitting room with built-in bookcases. Follow French doors into a walk-in closet built for two. Continue on to a four-piece bathroom with all the appointments, like a stone-walled dual shower, soaker tub and double sink. For a little extra beyond the ordinary, add a hospitality center with a bar-height counter and sink, and a built-in refrigerator and microwave underneath.
An upscale bathroom addition in Phoenix costs about $75,000 to $100,000, depending on the upgrades you choose. You will start with a 10’ x 10’ foot space. This gives you enough room for a single enclosed shower and a freestanding tub. The design allows you to separate the toilet into a water closet for added privacy, with twin sinks to make it easier to get ready quickly in the morning. At this price point, you are not getting a lot of extras that some people might consider standard. For most aspects, that is a limit of the square footage. If you really want a bathtub large enough for two, a spacious linen closet or a built-in sauna, plan to invest more.
[Related: How Much Does Does a Bathroom Remodel Cost in Phoenix?]
Why Are Additions More Expensive than Other Remodels?
If you compare a home addition to a similar remodeling project, you can see a big difference in price. For example, you will pay about $50,000 to $60,000 for an upscale bathroom remodel, but you can add another $20,000 to $30,000 to the project if it is a home addition. The biggest difference is the need to build space where there is nothing currently. A larger addition usually comes at a higher cost, simply because you need more materials to shape the new structure, such as exterior and interior walls and flooring.
What’s the ROI on a Home Addition?
Although many reports put an actual number on the increase in resale value you get from completing a home addition, the truth for your home may be a little less clear. As a general rule, you can expect to get somewhere between 50 to 70 percent on the cost of this type of project in an ROI. For a smaller addition like a deck, it is probably closer to 80 percent.
It is important to remember that this ties directly to the need for the addition and how it makes your home fit into the rest of the neighborhood. If a master suite or bathroom addition dramatically adds to your square footage or makes your home more competitive with other properties in the area, you can likely expect a better ROI.
How Much Will I Pay for My Home Addition?
In order to get a true estimate for your home addition, you will need to start with experts like Hochuli Design & Remodeling Team. Contact us to talk with us about your project and get more information.
(The figures above are taken from the Remodeling 2020 Cost vs. Value Report [www.costvsvalue.com] for the Phoenix, AZ, area. © 2020 Hanley Wood Media Inc. You can download the complete data from the Remodeling 2020 Cost vs. Value Report free of charge at www.costvsvalue.com.)